Solution-What is usco allowed foreign tax credit

What is usco allowed foreign tax credit

Reference no: EM132916736

Question - USCo, a U.S. corporation, receives $700,000 of foreign-source passive income on which foreign taxes of $70,000 are withheld. Its worldwide taxable income is $1,500,000, and its U.S. tax liability before the foreign tax credit is $315,000. What is USCo's allowed foreign tax credit?

a. $315,000

b. $70,000

c. $147,000

d. $385,000

Reference no: EM132916736

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What is usco allowed foreign tax credit

Reference no: EM132916736

Reference no: EM132916736

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